GBPUSD: Elliott wave analysis and forecast for 17.03.23 – 24.03.23.

Main scenario: consider short positions from corrections below the level of 1.2444 with a target of 1.1655 – 1.1405.

Alternative scenario: breakout and consolidation above the level of 1.2444 will allow the pair to continue rising to the levels of 1.2700 – 1.3050.

Analysis: the fifth wave of larger degree V presumably finished developing on the daily chart, with wave 5 of V formed as its part. On the H4 chart, the first ascending wave (1) finished forming. A bearish correction is developing as the second wave (2), with wave А of (2) formed as its part. On the H1 chart, apparently a local correction finished developing as wave В of (2), and wave C of (2) started forming. If the presumption is correct, the pair will continue to drop to the levels of 1.1655 – 1.1405. The level of 1.2444 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2700 – 1.3050.

Price chart of GBPUSD in real time mode

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